FOR OUR VALUED CLIENTS

COVID-19 and your taxes

In response to the COVID-19 pandemic, there has been, and continues to be, extensive legislation relating to taxes and economic relief for businesses and individuals. Since this is constantly evolving, you should verify all information by accessing the IRS and Treasury websites for up-to-date changes.

TAX FILING and EXTENSION DEADLINES
The IRS has extended Federal income tax deadlines until July 15, 2020. We have prepared a simplified table to help you understand the ramifications of the extension. However, not all states have the same deadline.

Extended from April 15th to July 15, 2020
  • 2019 Federal income tax filing deadline
  • 2019 Federal income tax payment deadline
  • Federal estimated payments due April 15th, 2020
Balances paid on or before July 15, 2020
  • No penalties or interest accrue on balances due
Balances paid on or after July 16, 2020
  • Penalties and interest accrue on remaining unpaid balances
Applies to all individuals, trusts, estates, C corps, S corps, partnerships and gift filings automatically – no need to file an extension unless additional time is needed beyond July 15, 2020 to file.

If you have questions about eligibility or deadlines for IRAs and HSA contributions, please click here to review the questions and answers on the IRS website.

More...

Families First Coronavirus Response Act

On March 18, 2020, the Families First Coronavirus Response Act was passed to provide sick leave and family leave due to COVID-19, together with expanded unemployment benefits and food assistance, free coronavirus testing and additional protection for health care workers.

More...

CARES Act and Stimulus Payments

As we continue to adjust to a new way of life, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was passed to provide additional support for businesses and individuals affected by COVID-19. Click on the "More" link below for a synopsis of the $2.2 trillion coronavirus stimulus and tax relief package.

More...